Indian Real Estate Sector

The Technology & Economic Forum is a venue to discuss issues pertaining to Technological and Economic developments in India. We request members to kindly stay within the mandate of this forum and keep their exchanges of views, on a civilised level, however vehemently any disagreement may be felt. All feedback regarding forum usage may be sent to the moderators using the Feedback Form or by clicking the Report Post Icon in any objectionable post for proper action. Please note that the views expressed by the Members and Moderators on these discussion boards are that of the individuals only and do not reflect the official policy or view of the Bharat-Rakshak.com Website. Copyright Violation is strictly prohibited and may result in revocation of your posting rights - please read the FAQ for full details. Users must also abide by the Forum Guidelines at all times.
Sachin
Webmaster BR
Posts: 7786
Joined: 01 Jan 1970 05:30
Location: Undisclosed

Re: Indian Real Estate Sector

Postby Sachin » 04 Feb 2009 15:42

Raju wrote:the money already paid up will be treated as rent I suppose.

Rent paid by whom? Mr.X to the bank? What if Mr.X has not occupied the house (and so is not a tenant in the house built by the bank).

Tanaji wrote:You have to understand that in this case, the bank is looking out for its own interests. Its interest in recovering the loan amount first, which is 8 lakhs in this case.

Yes, I understand that. And in my example Mr.X has only paid a small sum (2 lakh) for a home worth (10 lakh). I am more worried about a case in which say a person has paid around 60% of the loan and then is in trouble. Like 6 lakhs has already been paid, but he cannot afford it any more. That would be a double whammy for Mr.X :). No home, and what ever paid earlier is EMI is gone too. :-?

Rishirishi
BRFite
Posts: 1152
Joined: 12 Mar 2005 02:30

Re: Indian Real Estate Sector

Postby Rishirishi » 14 Feb 2009 03:05

Sachin wrote:A quick question here, real-estate experts.

Want to know how the defaulting loans for housing are treated. For eg:-
1. Mr.X takes a loan for say 10 lakhs.
2. Mr.X has already paid up 2 lakhs, and then finds out he is out of his job, and cannot continue with the EMIs. He tries to sell it off to others, but cannot do that either.
3. The bank comes up with threats and finally decides to seize the flat. Mr.X agrees with it.

What happens to the 2 lakh paid by Mr.X? Will it (or atleast part of it) be returned?
What would the banks ideally do with the flat sitting in their hands? Do they try to sell it of to another buyer? What if it is a really tricky situation and nobody wants to buy that flat?


They will aution it off, if it cant be sold (nilami)

What ever the case, there is no way the bank will accept to pay back the 2 lacks.

Singha
BRF Oldie
Posts: 66601
Joined: 13 Aug 2004 19:42
Location: the grasshopper lies heavy

Re: Indian Real Estate Sector

Postby Singha » 15 Feb 2009 08:55

DLF is relaunching is proj on bannerghatta road in a lower budget format. this is some location
south of meenakshi temple near the bmic. the new prices are the prices of 3Q-2004. allegedly
onree 60 people had signed up for the projects earlier incarnation so money was returned.

quote_start

You would be delighted to know that DLF's premium homes project in Bangalore - New Town, DLF BTM Extn. is now being launched as Westend Heights, New Town - DLF BTM Extn. We have completely redesigned the project to bring you an even better lifestyle experience than before to maximize comfort and convenience.

The new mix has come with an unbelievable price!
Apartment area Unit rate
1085 sft - 1225 sft Rs. 2000 / sft
1345 sft - 1410 sft Rs. 1900 / sft
1570 sft - 1820 sft Rs. 1850 / sft

quote_end

also Mantri has structurally completed a new tower adjacent to mantri Flora on sarjapur road-ORR junction
and is marketing it from 34L onward all inclusive. my calculations indicate the cost per sq ft would again
be around 2000/sq ft. they want 4.5L upfront and are willing to bear all of pre-EMI until possession.
must be lot of unsold flats there because building is structurally done, only interior is left.
people who purchased into mantri flora next door bought in at 3500-4000/sq ft in the late stages :mrgreen:

Singha
BRF Oldie
Posts: 66601
Joined: 13 Aug 2004 19:42
Location: the grasshopper lies heavy

Re: Indian Real Estate Sector

Postby Singha » 15 Feb 2009 08:58

very steep desperation markdowns observed in kanakpura and yelehanka projects now that
someone realized INFY isnt going to 2L headcount anytime soon and neither is any IT boom
coming to devanhalli :rotfl:

chetak
BRF Oldie
Posts: 21496
Joined: 16 May 2008 12:00

Re: Indian Real Estate Sector

Postby chetak » 15 Feb 2009 13:22

Singha wrote:very steep desperation markdowns observed in kanakpura and yelehanka projects now that
someone realized INFY isnt going to 2L headcount anytime soon and neither is any IT boom
coming to devanhalli :rotfl:



Singha ji,

Any worthwhile prospects ? :)

Singha
BRF Oldie
Posts: 66601
Joined: 13 Aug 2004 19:42
Location: the grasshopper lies heavy

Re: Indian Real Estate Sector

Postby Singha » 15 Feb 2009 14:56

if you have money atleast buy somewhere like that mantri harmony, its structure is complete
and location is on ORR - itvity corridor, fittings wont be top spec but you add it later if reqd.
and it should be rentable atleast unlike kanakpura or yelehanka.
there is another salarpuria complex nearing completion a km further up sarjapur road and
another shriram builders(?) on the hurlur road to e-city that runs away from sarjapur road
right next to the sigma complex.

there is oversupply in ORR-whitefield at present but atleast in future demand would pick
up, unlike kanakpura which is way off the grid on the bmic(if it ever gets fully done from
e-city westward).

Bade
BRF Oldie
Posts: 7212
Joined: 23 May 2002 11:31
Location: badenberg in US administered part of America

Re: Indian Real Estate Sector

Postby Bade » 16 Feb 2009 01:03

Singha wrote:very steep desperation markdowns observed in kanakpura and yelehanka projects now that
someone realized INFY isnt going to 2L headcount anytime soon and neither is any IT boom
coming to devanhalli
:rotfl:


That was true and will remain so for long. But, I did see a mushrooming of condos and low rise multi-level residences housing expats mostly in Devanahalli. The airport being there it won't be a lost cause in the long run. Retirees do not have to live in the slums of B'lore when they can do so more honorably within a 30 km commute.

Lot of the plotted development Clubhouses are now resorts having been leased out. I had an all you can eat meal for Rs350 onlee at the Clarks exotica.

vina
BRF Oldie
Posts: 6046
Joined: 11 May 2005 06:56
Location: Doing Nijikaran, Udharikaran and Baazarikaran to Commies and Assorted Leftists

Re: Indian Real Estate Sector

Postby vina » 16 Feb 2009 05:26

Bade Saar.

Devanhalli is so far off , that unless you and SHQ both live and work there, it simply aint worth the trouble, unless you are a retiree of course. I think it will be atleast 20 years before Devanhalli areas are "developed" and the prices are anywhere close to what they are asking TODAY to be worth it. Too much fluff and future "promise" built into the prices there. Yes, if you bought at Rs 500, smart move 5 yrs ago. If buying at Rs 4000, you lost your shirt.

SaiK
BRF Oldie
Posts: 36402
Joined: 29 Oct 2003 12:31
Location: NowHere

Re: Indian Real Estate Sector

Postby SaiK » 16 Feb 2009 05:39

if the GoK is planning a high speed rail link, and have excellent connectivity to airport, the safest place to live is 50 kms away from it.. both from noise and pollution.

bangalore is really not an A class city, and its getting all those A class buildings.. very poor planning.. water and electricity is the biggest issue, besides pathetic road area.

Bade
BRF Oldie
Posts: 7212
Joined: 23 May 2002 11:31
Location: badenberg in US administered part of America

Re: Indian Real Estate Sector

Postby Bade » 16 Feb 2009 05:50

vina saar, when the asking price for palm-xxx (fill in the blanks) was like Rs2000/sqft for land onree, devanahalli looked great at, less than Rs400/sqft of course. My timeline was 20+ yrs onlee in any case. If had to return to India and do what I do here will only get me so much on a secure guvermand job onlee. So in any case most of old B'lore like Malleshwaram/Rajaji will be out of reach now for me. Will have to eke out a living far out when the guvermand housing will disappear with retirement. Well at least that was the logic. I agree the current prices are way too high to make any sense. I can wait for 20 yrs and a shaving off the USD/Re to fall by 50% or more in the same period will hopefully give me more if decided to repatriate the proceeds. But, that is unlikely. It will be all to eat the nest itself in retirement in God's own land only. There is a mallu saying that old feudals acquire land only never sell even in distress. :oops:

shyam
BRFite
Posts: 1453
Joined: 29 Jul 2003 11:31

Re: Indian Real Estate Sector

Postby shyam » 23 Feb 2009 05:50

X-post

Nearly 70 per cent of the service apartments have put up “for sale” notices. Real estate prices are down: a 1500sqft flat in and around the software corridor, that would have cost Rs 1.2 crore in the beginning of 2008, is now being offered for less than Rs 35 lakh.

Singha
BRF Oldie
Posts: 66601
Joined: 13 Aug 2004 19:42
Location: the grasshopper lies heavy

Re: Indian Real Estate Sector

Postby Singha » 23 Feb 2009 08:51

The hundreds of guesthouses and service apartments that had mushroomed are now almost empty with occupancy rates plummeting to around 30-35 per cent because of the cost-cutting measures adopted by the companies.

see that in blr also. in my locality four new ones had come up in past one yr.
look all empty now. the fourth one again has much fewer cars parked outside.

and these were the places preferred over hotels to save on cost. 5* hotels
with their high room tariff must be hurting really bad.

hi end restaurants like "bonsouth" wore a empty look yesterday night.

we had a dosa dinner at Adiga's for 300 onree and slinked back home.

in multiplexes prices are down to around 200 from 250 for weekend show. and
they sent staff in during intermission to take orders for food. earlier this was
done only in gold class.

vivek's the consumer goods store wore a deserted look with 10 staff and no
customers. they had shut all the bank of TVs off to save cost.

Sobha has reduced prices by another 10-15% last week for all projects. prices
are steadily slipping down to 2H2004 levels.

SBI claims for new customers they will lock in 8% rate for one year. typical
teaser rate which might be 12% next year!!

Nayak
BRF Oldie
Posts: 2553
Joined: 11 Jun 2006 03:48
Location: Vote for Savita Bhabhi as the next BRF admin.

Re: Indian Real Estate Sector

Postby Nayak » 23 Feb 2009 09:00

GD areas fuelled by the IT/VITY growth are the ones suffering the 'ghost town' look. Old Bangalore markets like Malleshwaram, Jayanagar etc are still bustling with growth. One thing I realized, the markets here are geared towards the poor and cater to the lifestyle of not so rich.

Who cares if the snobby retail outlet in an upscale location closes shop as long as you can still buy stuff at el-cheapo rates in the open market !!!

markos
BRFite -Trainee
Posts: 65
Joined: 04 Jan 2009 22:53

Re: Indian Real Estate Sector

Postby markos » 23 Feb 2009 09:34

Singha wrote:SBI claims for new customers they will lock in 8% rate for one year. typical
teaser rate which might be 12% next year!!

I think it is similar steps that created sub-prime debacle in US (teaser low-rate ARMs when the property prices were going up to risky borrowers)? How wise will it be to offer this in an era when the property valuations keep going down? At least during 2004-2006 US property prices kept going up.

Ananth
BRFite
Posts: 346
Joined: 16 Mar 2002 12:31

Re: Indian Real Estate Sector

Postby Ananth » 24 Feb 2009 03:03

markos wrote:I think it is similar steps that created sub-prime debacle in US (teaser low-rate ARMs when the property prices were going up to risky borrowers)? How wise will it be to offer this in an era when the property valuations keep going down? At least during 2004-2006 US property prices kept going up.


It looks similar to ARM, but it is not exactly same. There might be more details in the fineprint, like they might be trading off down payment for the teaser. Unlike mortage origination scam in US, SBI is motivated due to competition. The difference unlike in US when teaser was around 1-3% later jacked up to double digit interest rates, the teaser here is closer to sustain rate. Further the peak rate is fixed, rather than adjusted. Lastly SBI is not catering to just subprime, this is for all new loans if I read news correctly. The main driver is competition for shrinking pie, and SBI will keep the loans on its books which will keep them conservative.

Ananth
BRFite
Posts: 346
Joined: 16 Mar 2002 12:31

Re: Indian Real Estate Sector

Postby Ananth » 24 Feb 2009 03:15

To add to the previous post, looks like HDFC is just nullified the SBI teaser with this move.
HDFC to charge borrowers for switching bank
http://economictimes.indiatimes.com/Per ... 179948.cms
Direct selling agents in the home loan market believe the move is aimed at discouraging HDFC’s existing borrowers from switching over to State Bank of India (SBI), which has stirred the market with a special scheme that offers home loans at 8% for the first year.

putnanja
BRF Oldie
Posts: 4438
Joined: 26 Mar 2002 12:31
Location: searching for the next al-qaida #3

Re: Indian Real Estate Sector

Postby putnanja » 24 Feb 2009 06:21

shyam wrote:X-post

Nearly 70 per cent of the service apartments have put up “for sale” notices. Real estate prices are down: a 1500sqft flat in and around the software corridor, that would have cost Rs 1.2 crore in the beginning of 2008, is now being offered for less than Rs 35 lakh.


I had been to hyderabad couple of years back, and I saw some of these "service apartments". They had built them like hotels, literally. The entire 3-4 storey building had around 20-30 single rooms with attached bathrooms. They had TV, phone, internet and double bed. A hotel, but not called a hotel. And they were going for 16-18k per month! The had "boys" who would deliver you food, which you had to pay for of course. Was working out to almost Rs 500-600per day. One of the owners I met was from Bangalore, and he offered to give me a good price of Rs 12500pm only!! Anyway, passed that up and returned to good old bengaluru!

Singha
BRF Oldie
Posts: 66601
Joined: 13 Aug 2004 19:42
Location: the grasshopper lies heavy

Re: Indian Real Estate Sector

Postby Singha » 24 Feb 2009 15:01

the bigger ones who occupy entire buildings and have "some" infra are registered in the sense of getting permits and chanda to the govt.

but many flats in regular housing apts are being operated as service flats with
no permits. a young lad would stay there, clean the place and prepare breakfast
while the malik would drop by couple times a week to collect payment and check things.

people who actually rent in the housing apts do not like this constant stream of strangers coming and going, with access to all places the residents do.

Singha
BRF Oldie
Posts: 66601
Joined: 13 Aug 2004 19:42
Location: the grasshopper lies heavy

Re: Indian Real Estate Sector

Postby Singha » 24 Feb 2009 15:05

SBI offers good rates but they dont seem at all keen to disburse loans to people
who have no 'guarantor' or other immoveable property to show...i.e. young people starting out in another city.

they sat on my sisters loan file for 5 months, before they got it sanctioned from HDFC(at a higher rate) in a months time.

in short, if you have a father and a property in 'old town' SBI is a easy avenue. If not, its not easy.

Nayak
BRF Oldie
Posts: 2553
Joined: 11 Jun 2006 03:48
Location: Vote for Savita Bhabhi as the next BRF admin.

Re: Indian Real Estate Sector

Postby Nayak » 24 Feb 2009 15:32

Don't know if this is true. There is an organized racket from nationalized banks for approval of home loans. Commission of 5 k for every lac approved is the norm. Not much documentation is required and spot approval of loans happen. One guy got a 30 lac loan approved from SBI in one week. :eek: :eek: :eek:

The racket involves from the agent to the Branch manager who approves the loans.

Got this info from a lawyer friend of mine. He works as a loan approver for the layout. His job mainly involves providing a letter that states the papers are in order and this person is solvent. He changes 2k as a standard payment fee.

Nayak
BRF Oldie
Posts: 2553
Joined: 11 Jun 2006 03:48
Location: Vote for Savita Bhabhi as the next BRF admin.

Re: Indian Real Estate Sector

Postby Nayak » 25 Feb 2009 23:27

Had an interesting conversation with a developer today. Sobha has dropped prices by 40 % and if pressed further are ready to drop another 10 %. The liquidity crunch has created massive disruptions and consequently, real-estate prices have dropped by 50 %. He said this is an golden opportunity to buy prime real estate in the city. An acre of land 5-6 klicks outside Blore was in the range of 1 crore plus, now it is available for 40 lacs.

He also said Prestige is also facing massive pressure to drop prices further. There is a deluge of EMI defaults and banks are working overtime to recover the assets. There is absolutely no protests on the possession of the property by banks. The number of apartments being put on fire sale by these banks will drive the prices further.

This is indeed a good time to purchase land.

Singha
BRF Oldie
Posts: 66601
Joined: 13 Aug 2004 19:42
Location: the grasshopper lies heavy

Re: Indian Real Estate Sector

Postby Singha » 25 Feb 2009 23:43

I see that "very reasonable price" and "negotiable" are added to most ads nowadays. but
prices in the most "brandname" places like sobha are still to fall back to 1800/sq ft levels where purchases would be good. as of now they are in 2100(whitefield) to 2800?(orr) range it seems. down from mid-3000s.

take a look at this ad. sounds like someone couldnt pay the EMI
http://bangalore.craigslist.co.in/reo/1046966879.html

Bade
BRF Oldie
Posts: 7212
Joined: 23 May 2002 11:31
Location: badenberg in US administered part of America

Re: Indian Real Estate Sector

Postby Bade » 25 Feb 2009 23:48

So has units in the Palm Meadows development fallen from the Rs 3-4 crore levels to Rs 1 crore yet ? :mrgreen: And how about at your neck of the woods behind intel ?

Singha
BRF Oldie
Posts: 66601
Joined: 13 Aug 2004 19:42
Location: the grasshopper lies heavy

Re: Indian Real Estate Sector

Postby Singha » 26 Feb 2009 00:22

well unlike sobha, purva and prestige, adarsh is much smaller ,unlisted and didnt overextend itself by starting 20 projects in parallel! mantri and brigade are also not that
overextended imo in buildout terms. embassy is more interested in their lucrative tech park bizness (they control even the food supply in domlur park). salarpuria has a solitary proj on sarjapur road methinks.

Bade
BRF Oldie
Posts: 7212
Joined: 23 May 2002 11:31
Location: badenberg in US administered part of America

Re: Indian Real Estate Sector

Postby Bade » 26 Feb 2009 00:55

So these price drops are related to builders dropping the ball due to weaker future sales projections, rather than existing pre-EMI stage already signed in owners losing their incomes due to the layoffs.

So people who put their xy% down in black, are going to stay put and keep tightening the belt onlee, rather than do a panic sale.

Raj
BRFite
Posts: 328
Joined: 16 May 1999 11:31

Re: Indian Real Estate Sector

Postby Raj » 08 Apr 2009 04:08


amol.p
BRFite
Posts: 302
Joined: 14 Sep 2006 18:15
Location: pune

Re: Indian Real Estate Sector

Postby amol.p » 09 Apr 2009 10:39

Retailers in VK, Saket DLF malls down shutters


NEW DELHI: A majority of retailers in DLF’s upmarket Saket and Vasant Kunj malls have shut shop to protest over the realty major’s refusal to reduce
rentals. This follows recent protests by DLF flat owners in Gurgaon and Chennai over high prices and affirms the growing trend of consumer activism in the real estate sector.

Says DLF’s Saket retail association president Aakash Oberoi: “We will not open our shops till the time DLF reduces the rent.” The shop owners claim that while DLF is now renting out retail outlets at 50% discounts, it is refusing to bring down their rentals which were finalised way back in 2005. In the mall, more than 20 shops have been shut. The retail outlets here range from small shops like Indigo to big brands like VIP and ColorPlus.

A similar situation exists at the Vasant Kunj mall though this is a new shopping complex and therefore several shops are unoccupied. When contacted , the DLF spokesperson said the relevant executives were not available for comment. A DLF executive, who did not wish to be named, told ET that retailers were given a 50% discount from March-June and they had agreed to run operations smoothly. He said that the shop owners’ decision to boycott the mall constituted a violations of the written contract.

http://economictimes.indiatimes.com/Ret ... 378406.cms

amol.p
BRFite
Posts: 302
Joined: 14 Sep 2006 18:15
Location: pune

Re: Indian Real Estate Sector

Postby amol.p » 09 Apr 2009 10:41

DLF seals deal to sell Saket hotel for Rs 55 crore

The country’s largest realty company DLF has entered into an agreement with an unidentified wealthy individual to sell its 60-room hotel
at Saket, New Delhi, for around Rs 55 crore, people familiar with the development said.

The move is part of the company’s efforts to generate cash through asset sale to support other ongoing projects. The hotel, located adjacent to DLF’s South Court mall, is built on the land purchased from the Delhi Development Authority (DDA). The super structure of the hotel is ready and expected to be operational by July.

A DLF spokesperson denied the development, but two people familiar with the deal said DLF had already received the token amount — around 10% of the total value — from the buyer. They didn’t identify the buyer, but said he was a businessman with no presence in the hotel industry.

Recently, Unitech, too, reportedly sold off its 198-room Gurgaon hotel for around Rs 230 crore to a wealthy individual — Tata Motors dealer Roop Madan. Unitech is also looking for buyers for its other hotel and serviced apartment projects. Several realtors are in deep distress due to the slowdown and a slump in the domestic real estate sector. Many realty companies have put off their plans and have been desperately looking for buyers for their hotel projects.

http://economictimes.indiatimes.com/DLF ... 376975.cms

Bade
BRF Oldie
Posts: 7212
Joined: 23 May 2002 11:31
Location: badenberg in US administered part of America

Re: Indian Real Estate Sector

Postby Bade » 16 Apr 2009 23:16

Got this in the mail....
What is amazing today in the real estate sector is that developers have actually come to terms with the fact that luxurious and expensive housing projects just cannot be absorbed by the market. The realities of the day have forced them to do some hard thinking and rework their strategies. A large number of developers have cancelled their earlier plans to develop large projects with three and four bedrooms and have started launching projects in the range of Rs. 5 to Rs. 20 lakh bracket which is the most affordable price band for generating demand in the real estate sector in India. If these projects see the light of the day, we can be sure of some realistic market trends and an upturn in sales soon.


Isn't this exact amount that was predicted to be the market in this thread at BR ? :twisted:

Rishirishi
BRFite
Posts: 1152
Joined: 12 Mar 2005 02:30

Re: Indian Real Estate Sector

Postby Rishirishi » 17 Apr 2009 04:39

Bade wrote:Got this in the mail....
What is amazing today in the real estate sector is that developers have actually come to terms with the fact that luxurious and expensive housing projects just cannot be absorbed by the market. The realities of the day have forced them to do some hard thinking and rework their strategies. A large number of developers have cancelled their earlier plans to develop large projects with three and four bedrooms and have started launching projects in the range of Rs. 5 to Rs. 20 lakh bracket which is the most affordable price band for generating demand in the real estate sector in India. If these projects see the light of the day, we can be sure of some realistic market trends and an upturn in sales soon.


Isn't this exact amount that was predicted to be the market in this thread at BR ? :twisted:


Yes, but the 500K flat will be difficult to build. The minimum cost for low tech and basic houseing is approx RS 900 per sq ft. Add the land cost and the minimum price goes up to 1200per sq ft. Still this is good news for the homebuyers.

What ever you do:
Do not pay any advance (even reputated builders like Unitech, Omax, DLF etc) have major problems and cant pay their suppliers. They can go bust any time. Some builders will now start to save on material, Iron, Cement etc to finish the projects. Be very careful to check the quality.

Remember, you heard this first BR


Best deal is to purchase a few year old flat, that has no know problems and the bank is selling off. you may be surprised at the price you can get it for.

Jayram
BRFite
Posts: 311
Joined: 14 Jan 2003 12:31

Re: Indian Real Estate Sector

Postby Jayram » 17 Apr 2009 23:32

Sachin wrote:Yes, I understand that. And in my example Mr.X has only paid a small sum (2 lakh) for a home worth (10 lakh). I am more worried about a case in which say a person has paid around 60% of the loan and then is in trouble. Like 6 lakhs has already been paid, but he cannot afford it any more. That would be a double whammy for Mr.X :). No home, and what ever paid earlier is EMI is gone too. :-?

That will not/ should not go to the bank. With an equity of 60% X can sell at distress sale and recover some part of his money rather than lose it all to the bank..
-Jayram

Added - Sorry just realized this was in response to a very old post..

chetak
BRF Oldie
Posts: 21496
Joined: 16 May 2008 12:00

Re: Indian Real Estate Sector

Postby chetak » 18 Apr 2009 01:44

Singha wrote:and it should be rentable atleast unlike kanakpura or yelehanka.


Singha ji

Fairly good rental demand in the yelahanka side of town. Mostly aviation crowd / airline companies because of the shifting of the new airport.

Mostly people moving from other parts of town to reduce commute distances.

Airline companies not so regular now in providing taxis for crew commute!

Singha
BRF Oldie
Posts: 66601
Joined: 13 Aug 2004 19:42
Location: the grasshopper lies heavy

Re: Indian Real Estate Sector

Postby Singha » 18 Apr 2009 21:46

indeed. I know a set of KF girls living in that area.

Vipul
BRF Oldie
Posts: 3727
Joined: 15 Jan 2005 03:30

Re: Indian Real Estate Sector

Postby Vipul » 19 Apr 2009 03:06

Ready to live in a `Nano' home?

With real estate rates not going down as fast as expected, some builders have started shrinking the size of the flat instead. This practice is especially being followed in projects beyond Mumbai. Predictably, though inappropriately, they are being sold as `Nano' flats.

Take for instance Neptune Group's project coming up in Ambivli near Kalyan. The scheme has 2 BHK flats with a carpet area of 387 sq ft and 1 BHK flats with a carpet area of 233 sq ft, which the builder is selling for between Rs 1,499 and Rs 1,599 per sq ft. In 1 BHK flats, the hall, bedroom and kitchen measures 82 sq ft, 78 sq ft and 38 sq ft respectively :shock: . In 2 BHK flats, the dimensions are slightly bigger. "We call them Nano flats,'' said Nayan Bheda of Neptune.

Tanaji Malusare City is constructing 15,000 flats at Karjat with carpet areas of 160 sq ft, 225 sq ft, 325 sq ft and 400 sq ft under its `social housing project'. About 6,000 flats will be given for MMRDA's rental housing scheme, while the rest of the flats will be up for sale. The cost of the flats ranges between Rs 2 lakh and Rs 7 lakh. The MMRDA recently awarded similar schemes to two other developers, including HDIL, outside Mumbai.

"Though smaller flats are a big hit in the lower-middle class, according to the housing guidelines, the carpet area of a single unit can't be less than 169 sq ft. Anything smaller would amount to poor living conditions,'' said architect Bharat Yamsanwar.

Mohan Deshmukh of Maharashtra Chamber of Housing Industry (MCHI) said, "To ensure better living conditions and safety, the size of the kitchen can't be less than 60 sq ft. The size of the living room should at least be 120 sq ft. Bathrooms and toilets should be a minimum of 30 sq ft.''

"If the smaller flats, the demand for which is high in times of a slowdown, can keep the economy of builders moving, both builders and people will go for it,'' says architect P K Das. Architects and planners say affordable houses for the lower-middle income group should have a carpet area of 300 sq ft or more.
According to Ashish Ramrakhiya of Thane-based Ram Estate Consultants, builders have realised that people in Thane and Navi Mumbai have increasingly started asking for 1-2 BHK flats, a trend which was earlier restricted to Mumbai. he attributed the development to the current economic slump.

Bheda said his scheme was designed after a survey which indicated that there was a demand for such flats. In order to make housing even more affordable, he added that residents on the first three floors were not allowed the use of lifts and those staying on the fourth floor and above would have to pay maintenance to avail of the facility.

Asked if the sizes of the flats would get smaller yet if the slowdown continued, Bheda said they would not bring down the carpet area below 200 sq ft to 180 sq ft, which he felt would not be conducive to proper living.

ArmenT
BR Mainsite Crew
Posts: 4239
Joined: 10 Sep 2007 05:57
Location: Loud, Proud, Ugly American

Re: Indian Real Estate Sector

Postby ArmenT » 19 Apr 2009 04:20

^^^^
Japanese have been living in nano spaces for a while as well. Only for them, it is a fact of life and they've gotten used to it.

To get an idea of the space they live in, please observe the following two pics taken by an American expat in the inside of the first japanese flat he stayed in:
http://i4.photobucket.com/albums/y105/LordAzrael/Az/DSCF0020.jpg
http://i4.photobucket.com/albums/y105/LordAzrael/Az/DSCF0021.jpg
Note that there is quite a bit of overlap in the two pictures, so that gives you an idea of the size of this flat. The author notes that the bathroom had a toilet, sink and bathtub all crammed into the size of a broom closet and he could take a shower and fry eggs in the kitchen at the same time. The "verandah" outside the sliding doors had the washing machine!

shaardula
BRF Oldie
Posts: 2591
Joined: 17 Apr 2006 20:02

Re: Indian Real Estate Sector

Postby shaardula » 19 Apr 2009 06:08

^^^ many years ago SHQ and I used to live in a micro house. not as small as this nano house but really small + also had a verandah, that we used extensively especially when we had family visiting. gradually got used to it and even liked it. i would even not mind going back to micro living. specially bcoz it meant pruning out existing junk and not accumulating any new ones. but SHQ is dead against it now. all sorts of junk has accumulated in the house. most of it we dont even use on a regular basis.

plus, micro-living also made us more outdoorsy and we used to do a lot of things.

Raja Bose
BRF Oldie
Posts: 19478
Joined: 18 Oct 2005 01:38

Re: Indian Real Estate Sector

Postby Raja Bose » 19 Apr 2009 11:17

^^^^(^2)

That Japanese flat looks quite similar to my first student apartment in massa except the flat in the pics looks much fancier. If one is living single or only with GHQ/SHQ, one can adjust quite easily to smaller spaces. If you do a trace of activities inside your living space you will find your presence massively concentrated in a few places so small need not necessarily mean bad if designed with proper aesthetics in mind.

SaiK
BRF Oldie
Posts: 36402
Joined: 29 Oct 2003 12:31
Location: NowHere

Re: Indian Real Estate Sector

Postby SaiK » 19 Apr 2009 12:26


I heard it was 30% sometime back.. is this in addition to that!? :shock:

Rishirishi
BRFite
Posts: 1152
Joined: 12 Mar 2005 02:30

Re: Indian Real Estate Sector

Postby Rishirishi » 22 Apr 2009 04:09

shaardula wrote:^^^ many years ago SHQ and I used to live in a micro house. not as small as this nano house but really small + also had a verandah, that we used extensively especially when we had family visiting. gradually got used to it and even liked it. i would even not mind going back to micro living. specially bcoz it meant pruning out existing junk and not accumulating any new ones. but SHQ is dead against it now. all sorts of junk has accumulated in the house. most of it we dont even use on a regular basis.

plus, micro-living also made us more outdoorsy and we used to do a lot of things.


You are soooo right. Fast to clean, less to maintan, more outdoor, chaper to buy, heat/cool and less furniture. But you cant have that when you have kids.

Bade
BRF Oldie
Posts: 7212
Joined: 23 May 2002 11:31
Location: badenberg in US administered part of America

Re: Indian Real Estate Sector

Postby Bade » 22 Apr 2009 19:12

I heard it was 30% sometime back.. is this in addition to that!? :shock:

News from the ground says things have fallen at least by 20% all across B'lore. Only exception I hear are the ultra-premium brands like Palm Meadows type already well established enclaves.


Return to “Technology & Economic Forum”

Who is online

Users browsing this forum: No registered users and 8 guests